SAN FRANCISCOLattice Semiconductor Corp.'s first quarter sales declined to $43.3 million, the company said Thursday (April 23), down 13 percent from the prior quarter and down 23 percent compared to the same period of 2008. Revenue was in line with revised guidance issued by the company in March.
Lattice (Hillsboro, Ore.) narrowed its net loss for the quarter to $5.8 million from $14.4 million. The first quarter net loss, which equates to 5 cents per share, was wider than the net loss of $3.3 million, or 3 cents per share, that the company posted in the same period of 2008.
Lattice posted a first quarter pro forma net loss, excluding charges, of $3.6 million, or 3 cents per share, the company said. The companies pro forma loss for the previous and year-ago quarters was $3.7 million and $1.4 million, respectively.
FPGA revenue for the first quarter was $15.5 million, Lattice said, up 9 percent from the prior quarter and 14 percent from the same quarter a year ago. PLD revenue for the first quarter was $27.8 million, down 22 percent from the prior quarter and 35 percent from the year-ago quarter, the company said.
Lattice said it expects second quarter revenue to be between $41.2 million and $45.5 million, or plus or minus 5 percent compared with the first quarter.
"In the past quarter we saw strong gains in the Chinese telecom market and our new products actually grew quarter on quarter," said Bruno Guilmart, Lattice president and CEO, in a statement.
But the balance of the company's business continued to experience weakness consistent with the global economic downturn, Guilmart said.
Michael Potter, Lattice's chief financial officer, said the company reduced operating expenses by 14.8 percent compared to the year-ago quarter as a result of the company's 2008 restructuring plan. The company ended the quarter with $71.4 million of cash and equivalents, Potter said.
Lattice competitors Xilinx Inc. and Altera Corp. also reported earnings earlier this week, with both notching revenue in line with previous guidance.